Bitcoin Breaks Out On Volume
Bitcoin broke out of a cup and handle base today with volume coming in. While it can be difficult to spot on the daily chart, the weekly chart shows a classic looking cup with handle base. I particularly like the support off the $30,000 range at the lows and the subsequent support off the $40,000 range from September's shakeout. It is also encouraging to see Bitcoin breakout on such large volume, indicating there is conviction behind the move. I placed my third buy in Bitcoin today. My original buy point was as it cleared the $37,500 range, and I added to my position this weekend.
It is also important to note that the monthly chart of Bitcoin looks like a cup with a very high handle. It is encouraging to see a similar setup across multiple timeframes.
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Full Disclosure: I currently own Ethereum and Bitcoin.
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